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The Social Impact of Fintech

In: The Palgrave Handbook of Social Finance

Author

Listed:
  • Hugo Benedetti

    (Universidad de los Andes, ESE Business School)

  • Consuelo Calderón

    (Universidad de los Andes, ESE Business School)

Abstract

Financial technology (fintech) has rapidly emerged as a transformative force in the financial sector, offering innovative solutions to address critical social challenges such as financial inclusion, poverty reduction, reduced inequalities, and economic growth. By leveraging technologies like big data, blockchain, and artificial intelligence/machine learning (AI/ML), fintech is reshaping financial services, making them more accessible, efficient, and transparent. These innovations are aligned with the Sustainable Development Goals (SDGs), adopted by the United Nations in 2015, contributing to broader global efforts toward sustainability, climate action, zero hunger, and quality education. However, fintech’s continued success depends on overcoming regulatory requirements, digital access inequalities, and ethical considerations surrounding data privacy and algorithmic bias. This chapter explores the role of fintech in driving social impact, examining key technologies and applications, and analyzing future opportunities and challenges in creating a more inclusive and sustainable financial ecosystem.

Suggested Citation

  • Hugo Benedetti & Consuelo Calderón, 2025. "The Social Impact of Fintech," Springer Books, in: H. Kent Baker & Greg Filbeck & Halil Kiymaz (ed.), The Palgrave Handbook of Social Finance, chapter 0, pages 391-407, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-99906-2_21
    DOI: 10.1007/978-3-031-99906-2_21
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